Q&A: Little-known facts that can affect home insurance rates

By Stephanie RyderJune 20th, 2011

I am about to get my first homeowners insurance policy and I heard that certain pets can increase costs, is this true?

When you are comparing home insurance rates, it is important to understand all the factors that go into your insurance quote. Here are some little-known items that impact your homeowners insurance premiums.

Dogs

Because of the risk of a dog bite, the presence of certain types of dog breeds in your home could raise your rates. If the dog you own is from a breed that has a history of aggressive behavior (pit bulls, rotweillers, etc.) then your homeowners insurance company may charge you more, even if your dog has never had an aggressive incident.

Floods are not covered under a homeowners insurance policy. Instead, you must pay an additional premium for a flood policy if you want coverage. Even people in non-flood zones are at risk for floods, so this coverage should always be considered.

Rebuilding costs

Homeowners insurance limits are often based on the costs of rebuilding your home, rather than the cost of buying a new home. Depending on your area, this can mean that you need high limits and, therefore, a more expensive policy.

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